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Shoe Carnival Expedites Shift to Shoe Station Stores After Q1 Profit Beat

Reaffirming its full-year sales outlook, the retailer will convert 120 locations to its faster-growing Shoe Station banner by fiscal 2025 year-end.

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Overview

  • First-quarter net income fell 46% to $9.3 million, or $0.34 per diluted share, yet EPS exceeded forecasts by over 10%.
  • Net sales declined 7.5% to $277.7 million with comparable-store sales down 8.1%.
  • The Shoe Station banner drove a 4.9% increase in net sales while legacy Shoe Carnival outlets saw a 10% drop.
  • Shares rose in pre-market trading after the company reaffirmed its full-year sales outlook of $1.15 billion to $1.23 billion.
  • The retailer will convert 120 stores (28% of its fleet) to Shoe Station by fiscal 2025 year-end and aims for more than 80% conversion by March 2027.